国海证券：晨会纪要2024年第177期-20241018

Group 1: Lenovo Group and AI Development - Lenovo Group announced the launch of its personal AI assistant, AI Now, which is built on the Meta Llama model, aiming to enhance user experience across multiple devices and ecosystems [1][2] - The AI assistant will extract relevant information from the user's knowledge base, provide answers, break down tasks, and ensure privacy and data security, positioning itself as a personal AI twin [1][2] - Lenovo is collaborating with NVIDIA to develop AI solutions, including the Neptune liquid cooling technology that reduces power consumption by 40%, allowing high-performance servers to operate without dedicated cooling systems [2] Group 2: Tianyuan Environmental Protection - Tianyuan Environmental Protection has diversified its operations from leachate treatment to include water management, solid waste disposal, green energy, and high-end equipment manufacturing, forming a "4+1" business model [3][4] - The company has secured nearly 5 billion yuan in orders for water environment projects, with a total of 16.42 billion yuan in environmental orders announced as of October 2024 [3][4] - Recent investments include a 10 billion yuan hydrogen equipment manufacturing base and a 30.2 billion yuan photovoltaic project, expected to generate significant annual revenue [4] Group 3: Financial Projections and Ratings - For Lenovo, revenue projections for FY2025 and FY2026 are estimated at 62.732 billion and 71.126 billion USD, with net profits of 1.236 billion and 1.872 billion USD, respectively, maintaining a "buy" rating [2] - Tianyuan Environmental Protection's revenue forecasts for 2024-2026 are 2.726 billion, 3.990 billion, and 5.098 billion yuan, with net profits of 404 million, 642 million, and 833 million yuan, respectively, also receiving a "buy" rating [3][4]